Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent events

In November 2021, the Company amended its Redwood City Lease to lease an additional 41,445 square feet of office, laboratory and research and development space located at 800 Saginaw Drive, Redwood City, California (the 800 Building) beginning on November 7, 2021 and ending November 30, 2033.  Under the amendment, the lease expiration dates for the 700 Building and the 300 Building were extended from December 31, 2030 to November 30, 2033 (the Lease Extension Period).

         The annual base rent for the lease of the 800 Building is $2.7 million until November 30, 2022, after which the annual base rent will increase by approximately 3.5% in each subsequent year of the lease term. The annual base rent for the lease of the 700 Building and the 300 Building remain unchanged, and increase by 3.5% in each subsequent year of the Lease Extension Period.

On November 10, 2021, the Company entered into a sales agreement (the Sales Agreement) with Cowen and Company, LLC (Cowen) to sell shares of the Company’s common stock, from time to time, with aggregate gross sales proceeds of up to $250.0 million, through an at-the-market equity offering program under which Cowen will act as its sales agent. The issuance and sale of shares of common stock by the Company pursuant to the Sales Agreement are deemed an “at-the-market” offering under the Securities Act of 1933, as amended. Cowen is entitled to compensation for its services equal to up to 3.0% of the gross proceeds of any shares of common stock sold through Cowen under the Sales Agreement.